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New Plan Excel In $6B Buyout

NEW YORK CITY-The deal gives Australia-based Centro 467 shopping centers across the country on top of the two large portfolios it has acquired here over the last two years.

By Ian Ritter | Updated on February 28, 2007

NEW YORK CITY-Australian firm Centro Properties Group is acquiring shopping-center owner New Plan Excel Realty Trust for $33.15 per share, in a deal estimated at $6.2 billion. The proposal follows Centro’s $3.2-billion acquisition last year of Heritage Property Investment Trust and marks further consolidation in the retail real estate industry.

Locally based New Plan’s common stock closed yesterday at just more than $29 per share. The parties expect to close the deal some time in the second quarter. Glenn Rufrano, New Plan’s CEO says the transaction “accomplishes our ultimate objective of maximizing shareholder value.”

The deal will give Centro interests in a portfolio of 467 centers spread throughout 38 states. Besides the Heritage deal, which gave Centro 171 centers, the firm acquired the 93-property Kramont Realty Trust for $610 million in 2004.

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